Tag Archives: Department of Treasury

US Executive Branch Update – June 26, 2020

This report provides a snapshot of the US Executive Branch priorities via daily schedules and the prior day’s press releases. POTUS’ Schedule* *The US President (POTUS) and Vice President’s (VPOTUS) daily schedules are subject to change, as is the White House press briefing schedule. 11:45 a.m. EDT – THE PRESIDENT receives his intelligence briefing | … Continue Reading

Department of Justice Lacks Capacity to Pursue Fraud-related CARES Act Cases

In an article published in Bloomberg Law, we observed that despite Congress’s determination to hold recipients of CARES Act funds accountable, there is likely to be a significant gap between the expected oversight activity, and the capacity of the Department of Justice to, where merited, follow up with criminal prosecution or civil action on fraud … Continue Reading

New PPP Legislation Improves Borrower Flexibility – Senate Committee Insists on Disclosure of PPP Recipients and Related Data

On June 5, 2020, President Donald Trump signed into law a bill, the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010), that will give borrowers of the US$670 billion PPP more time to spend the PPP proceeds and use them on a broader range of expenses while still qualifying to have the loans forgiven. … Continue Reading

Lawmakers Hoping to Move Forward on Highway Bill, IRS Proposes Regulations on “Disguised Payments”

Legislative Activity Tax-Writers Running Out of Time on Highway Bill Following the passage last week of the House’s $8 billion five-month highway patch, the Senate continues to remain focused on moving forward with its own bill, which provides for a six year highway reauthorization and three years’ worth of funding (more than $47 billion), with … Continue Reading

Lawmakers Press Onward with Tax Reform Efforts; IRS Issues Regulations, Guidance

Legislative Activity Lawmakers Press Onward with Tax Reform Efforts; Tax Extenders, Highway Funding Coming Into Focus With tax-writers having moved trade legislation out of their respective committees, the Senate Finance Committee’s Tax Reform Working Groups have begun to hold roundtables to brief their colleagues on the status of their work and to receive initial feedback. … Continue Reading

Republicans to Select Chair of Ways and Means, IRS to Discuss Proposed Regulations on MMFs

Legislative Activity Lawmakers to Continue Debate on Tax Extenders As previously reported, lawmakers are expected to continue debate on tax extenders legislation. While many suspect that the end result will be  a short-term extension (one or two years) of the expired tax provisions, there continues to be discussion of a blended approach, which would temporarily … Continue Reading

House Passes Flood Insurance Legislation & White House Releases FY2015 Budget Proposal

Legislative Activity Senate to Hold Hearing on Federal Reserve Nominees This Thursday, March 13, the Senate Banking Committee will hold a hearing on various nominations to the Federal Reserve Board, including the nomination of Stanley Fischer, former Bank of Israel Governor, to be Vice Chairman. The committee will also consider the nominations of former U.S. Treasury … Continue Reading
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